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Company registration number: 12792564
Malcolm Stevenson Associates Ltd
Unaudited filleted financial statements
31 March 2023
Malcolm Stevenson Associates Ltd
Contents
Statement of financial position
Notes to the financial statements
Malcolm Stevenson Associates Ltd
Statement of financial position
31 March 2023
31/03/23 31/03/22
Note £ £ £ £
Current assets
Stocks 6,268 9,474
Debtors 5 10,089 678
Cash at bank and in hand 2,410 8
_______ _______
18,767 10,160
Creditors: amounts falling due
within one year 6 ( 8,890) ( 3,603)
_______ _______
Net current assets 9,877 6,557
_______ _______
Total assets less current liabilities 9,877 6,557
_______ _______
Net assets 9,877 6,557
_______ _______
Capital and reserves
Called up share capital 50 50
Profit and loss account 9,827 6,507
_______ _______
Shareholder funds 9,877 6,557
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mr Malcolm Stevenson
Director
Company registration number: 12792564
Malcolm Stevenson Associates Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Oakford, Kingsteignton, Newton Abbot, Devon, TQ12 3EQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods and the provision of services is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods or provision of the services); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
Classification
The company holds the following financial instruments:
Short term trade and other debtors and creditors
Cash and bank balances
All financial instruments are classified as basic.
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Debtors
31/03/23 31/03/22
£ £
Trade debtors 7,355 -
Other debtors 2,734 678
_______ _______
10,089 678
_______ _______
6. Creditors: amounts falling due within one year
31/03/23 31/03/22
£ £
Social security and other taxes 4,532 1,603
Other creditors 4,358 2,000
_______ _______
8,890 3,603
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Year ended 31/03/23
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing (to)/from
£ £ £ £
Director 1 439 17,913 ( 15,668) 2,684
_______ _______ _______ _______
01/09/2021 to 31/03/2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing (to)/from
£ £ £ £
Director 1 4,984 900 ( 5,445) 439
_______ _______ _______ _______